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e provision of short-term liquidity to sound financial institution, which is closely tied to the central bank’s traditional role acts as the lender of last resort[].The second set of policy tools is just addressing these issues under the basis of the first set of policy tool, which involve the provision of liquidity directly to the borrowers and investors in key credit markets. The Federal Reserve responded with several programs, including a facility to finance bank purchases of high-quality asset-backed commercial paper[This commercial paper was designed to provide the liquidity backstop at the term of three months, aiming at reducing the “rollover risk” of investors, which the borrower could not raise new fund to repay maturing commercial paper.] form money markets. At last the third set of policy tools is about the supporting of the functioning of credit markets, which include purchasing the longer-term securities of the Fed’s portfolio[For example, the FED announced to plan to buy up to approximately $100 billion in government-sponsored enterprise (GSE) debt and up to around $500 billion in GSE mortgage-backed securities.]. All these three sets of policy tools are applied in the aspect of monetary policy, they all about lending and purchasing of securities in the credit markets against crisis, and the final purpose of these policies is that FED continues to push down the interest rates and ease the credit conditions in a range of markets, despite the fact that the interest rate is close to zero lower bound.

Despite the fact that the FED persistently decline the federal funds rate and interest rate on Treasury securities, while the total cost of credit to both householders and businesses generally rose. As Mishkin (2009) claims, since September 2007, interest rates on riskier debt instruments have risen sharply and in reality banks and other financial intermediaries also tightened the credit standard for investors, which brought about the delay of the recovery of the credit market. In addition, the tiny effectiveness of the policy response can also represent in the recovery of the GDP growth (illustrating in Figure1). According to the claims of Bosworth & Flaaen (2009), the growth of GDP was only estimated to be slightly over one percent annually in 2008 and 2009, and the recovery only with 3.6 percent rise was happened in 2010. Moreover, The Congressional Budget Office (CBO) reduced the projected level of GDP by 4 percent and 6 percent respectively for 2009 and 2010 in its January 2009 assessment.

The slowing recovery also can be represented in the aspect of unemployment ratio (showing in the Figure2). The unemployment rate only experienced 2 percent decline, from which a peak of 10 percent in the late 2009 to 8.5 percent by December 2011 after the various intervention of FED in the aspect of monetary policy (Byun & Frey, 2012). And from Figure3, it is seen clearly that during the 2007-2009 the U.S. experienced the worst employment level circumstance in the history.

1.2 Aim of dissertation 论文目的
It is apparent that the whole background is set during the 2007-2009 financial crisis periods and the entire background environment was explained as mentioned above. This dissertation focus on the research from the aspects of the money multiplier fluctuation and the monetary policy transmission mechanism under this special circumstance, in order to solve the three issues, why 本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。